On October 10, 2024, the Social Security Administration (SSA) will say when the next COLA raise will happen. Just because something is announced doesn’t mean that people who are qualified can get the money right away.
In fact, if you get Social Security Disability Insurance (SSDI) or retirement payments, you won’t get the COLA increase until January 2025. So, people who are retired or who get disability insurance won’t be the first ones to get the Cost of Living Adjustment.
What about the COLA boost for SSI?
Help from SSI (Supplemental Security Income) is for people and families in the US who have low incomes. The pay rise will happen in 2024, but they won’t be able to enjoy it until December.
Based on when payments are due from the Social Security Administration, their January payment will be due on December 31, 2024. So, they will get the boost before seniors and people who get SSDI do.
People who get SSI will not be the only ones to get this COLA raise in 2024, though. Remember that some people who get help from a Federal program will get it in less than two months.
When will SNAP recipients receive the COLA increase?
People who get SNAP will get the 2025 COLA raise on October 1, 2024, from the Food and Nutrition Service of the United States Department of Agriculture.
This means that the current limit amounts will be valid until September 30, 2024. Remember that the COLA raise this year is not nearly as big as the one last year.
As an example, the most a person can get from SNAP is $291, and it will soon be $292. It will cost you about $12 extra each month if you live alone and have an extra dollar. Because of this, the increase may come as a big surprise to many Americans who depend on Food Stamps.
Still, things could have been much worse. Hawaii will see that their SNAP payments do not go up with the cost of living for two years in a row. In fact, they will go down.